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The First Step to Digital Banking Success: Ask the Right Questions

Is your bank or credit union exploring new digital banking solutions for your core technology? Make sure you know what to ask.

If you’re a bank or credit union evaluating digital banking solutions, chances are you have a lot of questions… where do I start? How does the process work? What evaluation criteria should I consider? Don’t worry; you’re not alone. Transitioning to any new technology or system is no small undertaking. And the process can be, well, overwhelming.

As with any big decision, knowledge is power. Asking the right questions—from consideration to implementation—can be the difference between finding a long-term solution and a short-term fix. So, as you embark on your digital banking platform journey, here’s a great place to start: questions you should ask your team and your potential technology partner.

What do I really need from my new digital banking platform?

You probably know what’s not working with your existing system, but you also need to take the time to define all the requirements of your ideal solution. Here are some key things to consider:

  • Features and functionality: What do we want in a digital banking platform to meet our customer’s needs, from essential functions to aspirational features?
  • User experience: How important are user experience (UX) and user interface (UI) design, and what design elements are important to our customers and us?
  • Compliance: What are our compliance requirements, and how can the digital banking platform help us meet those requirements?
  • Integration: How will the platform integrate with our existing systems and processes, and what level of customization will be required?
  • Security: What security features does the platform offer to protect our customers’ data and prevent fraud?
  • Tools: What analytics and reporting capabilities does the platform offer, and how can we use this data to improve our business?
  • Growth: How scalable is the platform, and can it grow with our business over time?
  • Support: What level of support and training will the vendor provide, and what are the associated costs?

By asking these questions (and others!), you’ll be ahead of the curve when it comes to the next step: evaluating potential vendors.

What should I look for in a potential vendor?

The digital banking landscape is vast when it comes to providers, giving you plenty of options. But with something as critical as your core banking system, you need to know whom you’re working with just as much as what they can provide.

That’s why using the 5 C’s of vendor assessment is a must.

  • Company: What are their financials, ownership structure, and management team? What’s their experience and reputation in the industry?
  • Culture: Does their culture align with your own? Do they have a customer-centric approach to doing business?
  • Customers: Do they have experience working with institutions like yours? Are their existing customers happy with their products and services?
  • Churn: What’s their retention rate and reasons for customer attrition?
  • Conditions: What are their contractual terms and conditions, including pricing, service level agreements, and termination clauses? Can they meet favorable terms that protect your interests?

By evaluating potential vendors based on the 5 C’s, banks can make a more informed decision that aligns with their strategic goals and supports their long-term success.

How do I ensure a successful implementation of my new solution?

When evaluating a digital banking provider, don’t skimp on getting as much information as possible about the implementation process. Here are a few key questions to ask to ensure implementation success:

  • Process: What does the implementation process look like? What is the timeline, and what milestones should we be hitting? What are realistic expectations when it comes to outcomes?
  • Resources: What resources will be required of our team during the implementation process? What teams need to be looped in (IT staff), and what systems will be affected? How much time will be required from our side?
  • Support: What support and training will be provided during and after implementation? Will you provide technical support, customer service, and training for bank staff and customers?
  • Cost: What is the cost of implementation and ongoing maintenance? Are there any one-time fees or ongoing maintenance costs? What other costs could arise during the implementation process?
  • Security: What security measures are in place to protect sensitive data and prevent fraud? What authentication, encryption, and intrusion detection are in place?

By asking these questions, you can ensure that you choose a digital banking provider that fits your needs and that the implementation process is smooth and successful.

The right partner makes all the difference.

Selecting the best digital solution is just as much about the technology as the partner providing it. At Lumin Digital, we approach each engagement as a long-term partnership—one in which our goal is to support your goals, both today and in the future. From initial deployment to continued customization, to future innovations and developments, we deliver the collaboration, communication, and accountability our partners need to be confident in the outcomes we create. Contact us to learn more about how we can illuminate your success.